Supporting clients’ efforts to prepare, achieve and maintain compliance with AEOI requirements
Supporting clients’ efforts to prepare, achieve and maintain compliance with AEOI...
Aiming to reduce tax evasion through transparency, the Common Reporting Standard (CRS) builds on the US Foreign Account Tax Compliance Act (FATCA) and UK Intergovernmental Agreement (UK IGA), collectively AEOI, to take another step towards a globally coordinated approach to the automatic exchange of financial account information of non-resident customers and investors.
This means that financial institutions around the globe are faced with significant additional identification and reporting responsibilities, which may vary in detail and timing by jurisdiction. Crucially, they need to be able to collect and track complex, varied customer information quickly and easily to report domestically in each jurisdiction where they operate. There are both reputational and financial risks to getting AEOI wrong.
The ambitious time frame to be compliant is stretching resources and the lack of clear guidance means organisations have no certainty – much less consistency – in how the rules will apply across all of their operating markets. Many organisations are now struggling to understand how they should prepare for AEOI.
To move forward with confidence in the midst of uncertainty, KPMG has developed a suite of services to support clients’ compliance with evolving rule sets across and within jurisdictions. KPMG’s tools offer a blend of technology based services, tax technical advice, communications and training methods.
KPMG AEOI Reporting
KPMG AEOI Reporting is designed to provide a simple and effective method of taking a Financial Institution's core data on reportable accounts (in excel or CSV format) and generating the AEOI reporting to the relevant Tax Authority. There are two options for the use of KPMG AEOI Reporting:
Please contact Clare Kelly if you would like to have a demonstration of the software.
Features of KPMG AEOI Reporting
The tool is designed to simplify the reporting process as it:
Additional features of the licencing option:
Other AEOI services
KPMG are able to provide a number of other AEOI services including:
The above list is not considered to be an exhaustive list of all AEOI services which can be provided by KPMG. Please contact David Parsons or Clare Kelly should you wish to consider any AEOI services.
The EC announced that an agreement was reached by EU Member States on the automatic exchange of tax